Since our last analysis, gold has been trading downwards. The price tested the level of $1,175.21 in a high volume. An intraday trend is still upward. In the daily time frame, we can observe an indecision bar in a high volume. In the H1 time frame, we can observe a volume spike (selling climax) in the background, which is a sign that selling gold at this stage looks risky. I placed major Fibonacci expansion to find potential objective points and got Fibonacci expansion 100% at the level of $1,191.00 and Fibonacci expansion 161.8% at the price of $1,247.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,188.70

R2: 1,191.15

R3: 1,195.20

Support levels:

S1: 1,180.65

S2: 1,178.20

S3: 1,174.20

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on dips. Next resistance level is seen around $1,191.00-$1,247.00.